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A Customer Pays an Admission Fee to Get into the Local

question 3

Multiple Choice

A customer pays an admission fee to get into the local YMCA and also a monthly membership fee.This is called

Definitions:

Trust Instrument

A legal document that creates a trust, specifying the terms, trustees, beneficiaries, and purpose.

Trust's Purpose

The specific objectives or intentions for which a trust is established, guiding how the trust's assets are to be managed and used.

Constructive Trust

An equitable remedy resembling a trust, imposed by a court in order to benefit a party that has been unjustly enriched at another's expense, even though no actual trust has been created by the parties.

Legal Title

The formal right of ownership of property, recognized and protected by law, which may not necessarily entail the possession or use of the property.